Washington considered Russian oil price cap action ‘good job’

The Russian oil price cap set by the G7 and its allies is working well, US energy spokesman Amos Hochstein said in an interview with Reuters on the sidelines of the CERAWeek energy conference in Houston, Texas.The beauty of this process, according to the American official, is that it works, thanks to which oil and petroleum products from Russia are sold below marginal cost. In this regard, he recalled the plans of Moscow, which announced in February that it would reduce its production by 500,000 barrels per day, or about 5% of Russian production of raw materials. This, he said, had only a “minor impact” on the cost of the energy resource.He noted that he did not understand the point of reducing Russian production, since the price has not increased so much. However, the United States wants to ensure that Russian barrels are on the market and trading at low prices.